sterling area

sterling area

a group of countries (predominantly ex-British colonies) whose own national currencies were formerly linked directly to the value of the British POUND and who held STERLING as part of their INTERNATIONAL RESERVES

Britain abandoned the old sterling area back in Harold Wilson's time, largely because friendly and trusting countries which held their national wealth in pounds became understandably less friendly and trusting when it was devalued.

He said: "The reality is a formal currency union with a shared sterling area is overwhelmingly in the rest of the UK's economic interests following a Yes vote and the stance of any UK Government will be very different the day after a Yes vote to the campaign rhetoric we are hearing now.

He said: "A formal currency union with a shared sterling area is overwhelmingly in the rest of the UK's economic interests following a Yes vote and the stance of any UK government will be very different the day after a Yes vote to the campaign rhetoric we are hearing now.

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